Permanens Capital L.P. (New York)

Name: Permanens Capital L.P.
Address: 545 Madison Avenue, New York, NY, 10022
Telephone: (212) 993-7440

Permanens Capital L.P. is a large advisory firm based in New York. It manages $3.61 billion of regulatory assets for 56 client accounts. It has been registered with the SEC as an adviser since 2012 and has operated in the jurisdictions of Colorado, Delaware, New York, and Texas.

Permanens Capital provides financial planning services, portfolio management for individuals and small businesses, portfolio management for pooled investment vehicles, portfolio management for businesses and institutional clients, selection of other advisers, and non-discretionary investment consulting services to high net worth individuals. It prepares financial plans for more than 10 clients. On top of advisory services, the firm doesn't engage in other business activities.

Permanens Capital: assets under management

The assets under management (AUM) of Permanens Capital L.P. is $3.61 billion. The firm's AUM has grown by 1262% since the beginning of its operation, and $87.56 million of the total AUM is attributable to clients outside of the United States.

The firm manages $2.67 billion in discretionary accounts and $932.42 million in non-discretionary accounts. On average, the discretionary accounts where all decisions are made on behalf of the client hold $49.52 million each. Non-discretionary accounts, where clients actively manage their portfolios, generally hold around $466.21 million.

Investments

The firm invests in pooled investment vehicles the most. They account for 44% of the total AUM. The second-largest asset type is exchange traded securities, which make up 30% of the firm’s portfolio. Investments in state and local bonds form 6% of the total invested assets.

Fees & Commissions

The advisory firm has a single stream of revenue. Clients pay Permanens Capital L.P. for their services and products based on a percentage of assets under management. Compensation based on assets under management promotes a long-term relationship between a client and the adviser and helps align mutual interests. These fees don’t include brokerage commissions, interest, taxes, and other account expenses.

What kind of clients Permanens Capital serves?

The firm provides services to individuals, charitable organizations, high net worth individuals, pooled investment vehicles, and sovereign wealth funds and foreign official institutions. The largest group of clients of Permanens Capital is high net worth individuals with 13 clients and $1.25 billion of assets under management. Among the 7 most similar advisory firms, Permanens Capital has the 3rd highest percentage of high net worth individuals out of all clients.

The amount of regulatory assets under management is $2.38 billion for 53 clients that can include trusts, estates, and 401(k) plans and IRAs of individuals and their family members. 2% of the firm’s clients are foreign persons or businesses.

Permanens Capital also advises several private funds. Namely, four hedge funds and six other private funds. The minimum investment commitment required of non-related persons ranges from $0 to $1,000,000.

Careers at Permanens Capital L.P.

The company employs 15 people that are either part- or full-time employees. 40 percent of the employees work as investment advisers or researchers. No employees are registered as investment adviser representatives with the state securities authorities.

There’s a single person with the role of looking for and bringing in new clients on behalf of the firm. The firm compensates employees in addition to the salary for bringing in new clients. Employees don’t receive compensation from other entities for client referrals.

Direct owners and executive officers

Name	Entity	Date acquired	Ownership	Employer ID
John James Regan	Chief investment officer and general partner	1 Sep 2004	50% - 75%	2233515
Joseph Saul Steinberg	Passive limited partner	1 May 2011	25% - 50%	434838
John James Regan	Chief investment officer and general partner	1 May 2011	50% - 75%	2233515
Russell Jed Leto	Chief financial officer/chief compliance officer	1 Apr 2012	Other	2750278
Gary James Yannazzo	Chief operating officer & chief compliance officer	1 Jan 2017	Other	3122988

Based in New York

The principal office where Permanens Capital L.P. performs its advisory services is located at 545 Madison Avenue, New York, NY 10022, which is also the mailing address of the firm. An additional office of the firm is in Lynchburg, VA. It doesn’t run an office outside of the United States.

You can reach the main office by calling the phone number (212) 993-7440 or by fax 212-993-7451. The normal business hours are 9:00 am - 5:00 pm on Monday - Friday. You can find more information about the New York firm at permcap.com.